美国内幕交易归责理论研究

美国在证券法的发展演变过程中 ,结合证券法中公开、公平、公正、效率的基本原则以及秩序、正义、诚信的一般法律理念 ,提出了禁止、制裁内幕交易所必须遵循的依据 ,逐步形成了系统的内幕交易归责理论 ,包括平等享有信息理论、受托义务理论、信息泄露理论、非法盗用理论。现在 ,受托义务理论及盗用理论等已被世界上绝大多数国家的证券法采纳为内幕交易的归责理论 ,反映了全球性的主张公平、有效地传播信息的观点已取代了以市场为中心的内幕交易观点

Research on the Responsibility Imputation Theory of American Insider Dealing

In the development of security law, the U.S. has put forward the basis that must be followed in prohibiting and punishing insider dealings, which gradually forms the systematic responsibility imputation theory of insider dealing, including the theory of equally enjoying information, the theory of trustee obligation, the theory of information disclosure, and the theory of illegally embezzlement. Nowadays, the theories of trustee and embezzlement have been adopted by the security laws of many countries as a responsibility imputation theory of insider dealing, which reflects that the global idea of claiming fairness, and effectively spreading information has replaced the idea of market-centered insider dealing.